Northern Virginia Foreclosures

The Northern Virginia marketplace went from being new construction heavy in the mid-2000's, to being Foreclosure and Short Sale heavy later in the decade.

To talk about a Northern Virginia "Foreclosure" is actually a slang term. What is actually known as a Northern Virginia Foreclosure is actually a Northern Virgina Bank Owned Home or a Northern Virginia REO. (REO stands for Real Estate Owned.)

Northern Virginia Foreclosures are simply properties that have been repossessed by the mortgage company. The Seller in a Northern Virginia Foreclosure is the bank that repossessed the property. The person with the authority to accept and sign a Northern Virginia Regional Sales Contract on behalf of the bank is either the Asset Manager (a third party paid to oversee the sale of REOs) or the bank's Upper Management.

If you are a Buyer looking to purchase a Northern Virginia Foreclosure, getting a Ratified Contract from the bank will take a bit longer than dealing with a regular home owner. Also expect to purchase your Northern Virginia Foreclosure in AS-IS condition. What does that mean?

The bank will not make any warranty about the condition of the property and will usually not make any repairs to the property before settlement. That doesn't mean that Northern Virginia Buyers shouldn't have a Home Inspection Contingency. Every buyer should have the opportunity to have a property inspected to see if there are issues that will be too costly to repair, making the purchase of the Northern Virginia Foreclosure no longer feasible.

The Northern Virginia Foreclosure Market is a competitive one. If you are purchasing a Northern Virginia Foreclosure, be prapared to make your highest and best offer. Banks do not negotiate in multiple offer situations, so always put your best foot forward when writing on a Northern Virginia Foreclosure.

Chris Ann: I got here to this post from your current post on Kingsbrooke... through the "foreclosure" link. As Donna said in #7... what an excellent job in defining Foreclosure.

And... what an excellent presentation, and coordination of all of this you have put together, here. I think I visited four of your posts through the links... Kingbrooke, a mini-Foreclosure class, PUDs, and Market Reports. What an excellent education as a "whole" they provide to anyone, buyers and/or Realtors, who take the time to navigate the links.

[This is about as close to being perfect as an agent can get. I was about to say this all was perfect... until I saw you had two "r's" in the word "Shorrt" in the first line of this post... LOL. Correct that, and... you're "perfect."]

Seriously, as far as this "blogging stuff" is concerned... I do not know how anyone... any buyer or seller... after Googling and finding all of this... I don't know how anyone could make any other choice of a Realtor to work with... than you.

Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site.
These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them
make an informed decision when buying or selling a house. ActiveRain, Inc. takes no responsibility for the content in these profiles,
that are written by the members of this community.